Ritchies Auctioneers
Now more than ever it seems that artists need to be on guard, although I’m not sure how an artist might have safeguarded themselves from what’s currently happening with Ritiches Auctioneers.
Ritchies Auctioneers a company with a forty year reputation has been ordered into bankruptcy, but not before taking and selling $1.2 million in art with no plan to pay what is owed to the artists. The artists, unfortunately, seem to be at the bottom of the totem pole. First to get paid will be the secured creditors, then unsecured, and then, I’m assuming whatever is left will go to the artists. A real shame if you ask me.
A recent article in Canadian Business hints that an ownership feud is at the bottom of it, moreso than the depressed economy. I would tend to agree with that, since they didn’t seem to have a problem selling $1.2 million in art in their June auction.
In any case, there was clearly a lack of ethics at work here. No company, especially one like Ritchies, has bankruptcy creep up on them. They received funds through the June auction and spent what should have gone to the artists on other expenses – mind boggling.
I’d love to hear what you all think and please comment if you have any suggestions on how artists might be able to safeguard themselves from a similar situation.
If you’d like to read more, take a look at Art: The sudden demise of Ritchies Auctioneers in Canadian Business.
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Interesting, did any of these artists bind themselves to a contract or terms? What exactly did the 1.2 million revenue generated go on exactly? I’m assuming it was to settle debts of some sort. In general artists could safeguard themselves with their own set of term or contract. This is quiet frustrating it seems that in a situation such as this should it happen the first in line are the creditor’s, real shame, thanks for sharing.